Publicly traded Bitcoin miners have signed more than $100 billion in artificial intelligence and high-performance computing contracts, but only about 550 megawatts of more than 4 gigawatts under contract is generating revenue, according to CoinShares. The operating capacity produces roughly $1.1 billion on an annualized basis, highlighting the gap between market valuations and facilities that are actually online. Companies with AI or HPC agreements trade at an average enterprise value of 12.9 times projected 12-month sales, versus 3.7 times for miners without such contracts. Scarce power capacity and about 2,600 gigawatts of grid-connection queues have increased the value of existing energy infrastructure. AI conversions cost between $8 million and $15 million per megawatt but can generate about $1.5 million per megawatt annually, compared with roughly $500,000 from Bitcoin mining. Core Scientific paid about $41.9 million to cancel hardware orders representing 15 exahashes of planned capacity, while Keel Infrastructure, formerly Bitfarms, halted mining on June 29. Cipher Mining has sold part of its Bitcoin holdings to fund data-center expansion, IREN plans to exit mining by December 2026, and Mara Holdings is adding AI services to its mining operations. CoinShares estimates that at least 35 exahashes, or about 4.7% of network hashrate, will leave publicly listed miners by the end of 2026. Mining costs reached $75,500 per Bitcoin in the second quarter of 2026 as the price fell as low as $58,400, while monthly mining revenue declined to around $20 million from about $60 million in late 2025. CoinShares likened the hashrate decline to post-halving slumps, but some analysts warn mining could continue deteriorating after the 2028 block-reward reduction. Converting contracted capacity into operating facilities will require billions of dollars, leaving premium valuations exposed if construction or financing is delayed.